Text: HSB00760 Text: HSB00762 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 422.11C POSTSECONDARY EDUCATION 1 2 GRADUATE EMPLOYMENT TAX CREDIT. 1 3 1. The taxes imposed under this division less the credits 1 4 allowed under section 422.12 shall be reduced by a 1 5 postsecondary education graduate employment tax credit equal 1 6 to one thousand dollars. To qualify for the credit, the 1 7 taxpayer or taxpayer's spouse must have graduated during the 1 8 tax year or during the month immediately preceding the tax 1 9 year from a four-year accredited higher education institution 1 10 with a baccalaureate degree or a two-year community college 1 11 with an associate degree and must have resided and been 1 12 employed within this state beginning within three months of 1 13 graduation. Married taxpayers filing joint returns, where 1 14 both spouses qualify under this subsection for the credit are 1 15 each entitled to the credit. Any credit in excess of the tax 1 16 liability is nonrefundable. 1 17 2. A taxpayer or taxpayer's spouse who qualified for the 1 18 postsecondary education graduate employment tax credit under 1 19 subsection 1 is entitled to receive the credit for subsequent 1 20 tax years, not to exceed three subsequent tax years, until the 1 21 tax year in which the taxpayer ceases to reside or be employed 1 22 in this state. 1 23 3. For purposes of this section: 1 24 a. "Accredited higher education institution" means a 1 25 public institution of higher learning located in this state 1 26 which is accredited by the north central association of 1 27 colleges and secondary schools accrediting agency based on its 1 28 requirements as of April 1, 1969, or an institution of higher 1 29 learning located in this state which is operated privately and 1 30 not controlled or administered by any state agency or any 1 31 subdivision of this state, and which is accredited by the 1 32 north central association of colleges and secondary schools 1 33 accrediting agency based on its requirements as of April 1, 1 34 1969. 1 35 b. "Community college" means the same as defined in 2 1 section 260C.2. 2 2 c. "Employed" includes self-employment. 2 3 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act, 2 4 being deemed of immediate importance, takes effect upon 2 5 enactment and applies retroactively to December 1, 1999, for 2 6 tax years beginning on or after January 1, 2000. 2 7 EXPLANATION 2 8 This bill provides for a $1,000 individual income tax 2 9 credit for an individual who graduates in the tax year or in 2 10 December of the previous year from a public or private college 2 11 or university located in this state with a baccalaureate 2 12 degree or from a community college with an associate degree 2 13 and who, within three months of graduation, resides and 2 14 becomes employed within Iowa. The taxpayer is entitled to an 2 15 additional $1,000 credit for up to the next three tax years if 2 16 the taxpayer continues to reside in and be employed in Iowa 2 17 during the entire tax year. 2 18 The bill takes effect upon enactment and applies 2 19 retroactively to December 1, 1999, for tax years beginning on 2 20 or after January 1, 2000. 2 21 LSB 7159HC 78 2 22 mg/as/5
Text: HSB00760 Text: HSB00762 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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